MULTIFAMILY MIXED USE PROGRAM

Eligible Properties	Apartment Buildings (5 units or more) Mixed Use (not to exceed 40% commercial)
Borrower	Individuals, revocable trusts, maximum 2 member LLC (no sub entities).
Loan Features	Low interest rates. 10 - 30 year fixed rates. Can underwrite with 3 months stabilized income. One closing. Interest only option available. Low debt coverage ratio options available (for low cap rate markets)
Loan Amount	Minimum $250,000.
Loan Term	6 month, 3, 5, 7 and 10 year terms available.
Amortization	30 years.
Recourses	Negotiable.
Prepayment	Declining based on loan term.
Loan to Value	80% - 85% Acquisitions with seller financing Up to 80% Cash Out on Refinances.
Debt Coverage Ratio	1.15 Purchase, 1.20 Refinance, .90 for low cap rate markets*.
Seasoning	Cash out - 3 to 12 months required, up to 90% of orig. purchase price .
Credit Requirement	Middle credit scores of 640 and over generally required.
Rate Lock	Early or standard rate locks available.
Third Party Reports	$2,500 - $5,000 deposit typically required for appraisal, environmental, and property inspection.
Impounds	Taxes and Insurance typically required.
Loan Request Package	Include the following in your request for a loan quote: 1. Completed FNMA 1003 Uniform Residential Loan Application 2. Current Rent Roll 3. YTD Operating Statement 4. Past two years financial statements on property 5. Copy of Purchase and Sales Agreement (if applicable) 6. Digital Photos of Property

Residential
Lending